The US dollar bounced today following the decline during the previous trading session. The drop was a result of somewhat disappointing housing data from the United States.
US building permits fell from 1.09 million in October to 1.04 million in November. Housing starts declined from 1.05 million to 1.03 million. Both readings were a bit below expectations.
The report resulted in a drop of the US currency against major peers though the dollar remained strong against commodity currencies. Today, the greenback is attempting to reverse the losses, but it still has a long way to go before achieving that goal.
EUR/USD dropped from 1.2509 to 1.2485 as of 6:50 GMT today. GBP/USD declined from 1.5748 to 1.5723 while USD/JPY was up from 116.40 to 117.00.
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